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Greenback Softer Ahead of Key US Inflation Release

EMERGING MARKETS
  • The EUR trades well, with the single currency firmer against most others. EUR/USD has traded an intraday high at 1.0767, although prices remain shy of the 1.0791 Thursday high for now. Equity futures are modestly firmer, with the e-mini S&P building on the late Monday gains and helping drive a modest USD downtick into NY hours.
  • The US inflation report is the highlight Tuesday, with markets expecting a pick up in monthly CPI to 0.5%, but a moderation to annual headline CPI to 6.2% and 5.5% for core metrics. Post-inflation Fedspeak will also be carefully watched, with Barkin, Logan, Harker and Williams all slated to speak.
  • Eurozone Q4 ‘22 second flash estimates confirmed a +0.1% q/q GDP expansion, having initially outpaced forecasts for a -0.1% q/q contraction at the first reading. The annualised Q4 GDP estimate remained at +1.9% y/y.
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